When money is the need of the hour, a car title loan can be of great help. A car title loan offers an easy way to obtain funds at the time of crisis. At the time of financial crunch, your car can prove to be a great asset that can solve your immediate financial needs. A car title loan is a short-term loan that can be approved within a few hours if you have the basic, relevant documents at the time of applying for loan.
A car title loan can be availed if you have a paid off car on your name. The borrower has to be the car title holder. He needs to submit the car title and a set of car keys to the car lender. The car will act as security and will decide the loan amount. Basically, the loan amount will be equivalent to the market value of the car. For new cars, the loan amount is more as compared to old cars.
The car title loan is a short term loan with the loan period of one month. Since this is a short term loan, the interest rate is very high. The borrower has to repay the loan amount within the stipulated time to avoid further increase in the interest amount. In case, the borrower is unable to pay the amount within the given time, the repayment period can be extended further by a month but the interest rate would go up further. A person applying for car title loan should have a backup plan ready so that the loan period need not be extended further.
In case of emergency, a car title loan can be of great help. The loan amount gets sanctioned within a couple of hours. A car title loan is a simple and hassle-free way to arrange funds in case of emergency. As long as you are the owner of the car, even your bad credit rating will not come in the way. People, who are not aware of car title loans, can visit us to know more about the same.
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